Question

The management of the firm's external resources through identification and selection of suppliers, management of supplier relationships, and monitoring and rewarding supplier performance in an effort to support the long-term goals of the organization is called:

Answer 1

Supply Chain Management handles the firm's external resources and supplier relationships to align with organizational goals and drive profitability.

Step-by-step explanation:

The management of a firm's external resources through the selection and management of suppliers to support organizational goals is called Supply Chain Management.

This includes the identification and selection of suppliers, fostering relationships with them, as well as monitoring and rewarding their performance to align with the firm's long-term objectives. It's essential to ensure that production is efficient, costs are minimized, and value creation is maximized, contributing to the overall profitability of the business.